Transformation of the biomass into platform molecules and further conversion into fuel and chemicals is one of the important ways of biomass utilization. The research progress on aqueous-phase hydrogenation and highly active and stable catalysts for aqueous-phase catalytic reactions are summarized. The challenges of the heterogenous catalysts used in aqueous reaction such as the loss of active components, catalyst surface reconstruction, toxicity, etc., and the preparation strategy of highly active and stable catalysts, such as the surface reconstruction, surface carbon coating, enhancement of the interaction between the support and the metal active components, and new structure catalysts design are summarized. The further research direction on catalysts design for aqueous-phase hydrogenation reaction are discussed.